Declining Apartment Sales and Rent Drop in the U.S.

Apartment sales have been declining for the 14th consecutive month due to the Federal Reserve's interest rate hikes. Asking rents in the U.S. have also dropped for the first time since the global financial crisis in 2009. The decline in rent growth is attributed to factors such as the ongoing economic slowdown and high energy prices. Despite the declining prices, demand and absorption remain strong in many metros, with high-growth markets concentrated in the Northeast and Midwest.